Nice view of the eruption on the Mila webcam with a rare morning sunlight:
http://www.livefromiceland.is/webcams/bardarbunga-2/
This is a small fissure eruption just like those at Kilauea in Hawaii, aviation threat zero. If this small eruption is sufficient to relieve the underground magma pressure (and that will become clear in a day or two) then the chances for any larger eruptions are slim.
Edit:
At present the webcam seems to show just steam venting (at a diminishing rate), the eruption itself appears to have paused.